When the PPP Flexibility Act passed, it appeared that borrowers could choose between an eight or 24-week forgiveness period. There was nothing in the law that said business owners could elect a shorter forgiveness … Meer weergeven At first, having more time to spend your loan proceeds seems to make more sense. However, there are a few advantages and disadvantages of each. Meer weergeven The good news is, you don’t have to decide immediately whether to take eight or 24 weeks to spend the funds and calculate loan forgiveness. If your business isn’t harmed by waiting, you can see where … Meer weergeven Web6 dec. 2024 · You could also select PPP loan forgiveness covering a period of either 8 weeks after the loan’s origination date or 24 weeks after the loan’s origination date regardless of when the loan was disbursed. Possibility of getting a …
PPP Forgiveness: 8 Weeks vs. 24 Weeks Bench Accounting
Web13 jul. 2024 · Expenses eligible for forgiveness are those that are incurred over the 8 to 24 week period, starting from the day you receive your PPP loan from your lender. This is not necessarily the date on which you … Web12 okt. 2024 · At a Senate committee hearing in August, Kelley said the SBA has already processed forgiveness decisions for about 97% of loans issued in the first year of the program, 2024. The figure for... how much alcohol in soy sauce
How PPP Loan Forgiveness Works for the Self …
Web21 jul. 2024 · The federal government has forgiven $394.6 billion in more than 4 million loans to businesses through the Paycheck Protection Program (PPP), new data says. Web9 jan. 2024 · Yet nearly three years after the rollout of PPP, the vast majority of loans have been forgiven. An NPR analysis of data released on Jan. 8 by the Small Business … Web1 jun. 2024 · For independent contractors, sole proprietors, and other self-employed workers, you can have eight weeks of your loan proceeds automatically forgiven as salary replacement. This should amount to 75% of your PPP loan, assuming you took the maximum amount available to you when you applied. What Documentation Do You Need? how much alcohol in stella beer